The Evolution of Condominium Insurance: From Routine to Obstacle Course

The evolution of condominium insurance has made the renewal process more complex in the current hard market. In the past, renewals were routine, but now insurance companies consider more red flags, such as building age and claims history. Claims history has become a significant challenge, impacting the capacity and rates offered. To navigate the insurance obstacle course successfully, condominium corporations should start the process earlier, address potential challenges, and focus on risk management. Effective communication between the Board, Manager, and Broker is essential for a favorable outcome.